unglove, I think this is down to the price the two funds who have significant holdings will settle for.
I believe one or both invested on flotation. I might be wrong on that. So they are sitting on big losses. |
Well no offer came in February, so next RNS likely to be half year results in early April. Will the dividend be re-instated then? If not, then the offer price likely to go up - dependent on results continuing to improve. |
Hi Konrad, was there any discussion about the bonds. Now trading at c 10% (on a straightline basis) to maturity.
Has anyone on this board bought them? Just read the prospectus and it said funds would be invested directly into loans to the group's customers, giving the impression that bonds would essentially be asset backed and that there would be plenty of cash to pay coupons and repay principal. In fact, according to 2023 accounts for issuing vehicle, the assets contain an inter company loan to another group company (it does not say which).
Any thoughts or am i barking up the wrong tree.
W1 |
 David, I am sure Ravi would do a 'Zoom' with you. I am beginning to sound like Peter!
The only other member of the board who attended was the finance director. He said about two words. Hello and goodbye. He seemed like a nice fellow.
Ravi spoke in detail about the Fraud which I have already said was very clever. He went to the Police however they were not interested - probably too busy dealing with online hate speech!
I did suggest to Ravi that if he wanted to get a better 'investor' engagement he needed to get the remainder of the board to buy some shares, get a broker who folk would recognise and a much bigger firm of auditors. He did say the current auditors had recently been taken over by - from memory Kingston Smith - still not big enough in my view.
I hate public companies with small audit firms.
The AGM goes down in my book as one of the 'oddities' of life.
By the way, the only other fellow who attended had come from Belgium. Talk about dedication! He does have a few shares mind and I believe he is on this board. He was very intent of telling Ravi that his offer price should be 75p! |
Thanks Konrad...I had hoped to be with you yesterday but the forecast for more snow and a 200 mile round trip kept me away. I am going to see if I can arrange a zoom for those of us who could not make it but I doubt Ravi has any interest in engaging.
What feeling did you have for the rest of the board or did they just stay quiet?
Is anyone going to be charged with fraud? |
@Konrad.
I too would like to thank you for going. The annual meeting is a 4 hour drive for me so hard to justify the travel. I keep telling myself I’ll go next year. |
Thanks for your thoughts on the meeting Konrad, much appreciated. |
@konrad thank you for attending and sharing your views - highly appreciated
I'm still holding the same 311K shares. Unfortunately, there wasn't much liquidity when the price dropped, so none of my buy orders were filled. |
Thank youOn the strength of the meeting and assuming you had funds available, would you buy more? |
Much obliged 👍 |
CWA1, I attended. I thought it was an April fool as it was conducted in a house! The house is used as an office. There was one other shareholder who attended.
The CEO was candid and straight forward.
In a nutshell and reading between the lines, it is Chelverton and Gresham who hold just over 20% holding out for something near their 'in' price - £1.00.
The CEO explained the opportunities and last years' fraud - a very clever fraud at that.
Business is good.
He also explained the funding model. It is extremely difficult to get facilities out more than one year. I guess the banks match the liabilities to assets. He also said the retail bond market was now much more expensive than when they tapped the market.
He also said the litigation in respect of non-disclosed commissions might create big opportunities.
I did suggest, going forward, the other directors should buy shares in the company and they should get a Premier Division audit firm. This is assuming they remain listed.
It's a shame so few folk are willing or able to attend AGM's.
I did walk around Luton Town Centre prior to the meeting. A retail disaster area.
In some ways I hope I never go to Luton again, however Luton Airport is were many private jets land! |
Any news from the AGM? Thanks in advance |
Sorry, yes you are correct.8th.January. |
Accompanying the report and accounts is a notice convening the company's annual general meeting, to be held at 10.00am on 8 January 2025, at 222 Armstrong Road, Luton, Bedfordshire LU2 0FY. |
On 8th on Wednesday. At 1100. |
It’s on Wed 8 Jan at 1100. |
Hi Konrad, I'll be attending too but the AGM is Wednesday 10AM. |
Just trying to get my letter from my broker to attend the AGM on Friday. Word of some cut off date to obtain such.
I will prepare a few poignant questions for Peter err! Ravi.
This company does zero to encourage the private investor to put his 'hard earned' into small quoted companies.
I actually think the Chairman and the non-exec. have much to answer for. Oh! and they have no shares - a complete disgrace. |
Have I missed something? In the posted accounts within these it states 'A copy of the notice of AGM will also be available to download from the company's website'.
I think one question to the Chairman and the non-executive is why they own no shares. Do they know something we don't?
This company reminds me of one of my favourite programs from the 'dim and distance' - The Comedians. |
Hmm voting for yourself. I'm not. |
All voted? I have and FOR on all . |
Voting starts. Just got mine through Ig |
I note Peter posted some time ago that maybe an offer of 39p in February 2025. Starting to think that may be a very astute guess! |
Eps is still 7,39p and the company could easily pay a 3p dividend.
By not paying it the company is less attractive to new investors and the share price remains down in the doldrums so that Ravi can pay as low a price as possible in any tender if there is one.
We should be receiving a fair offer close to the NAV or our investment in the company to help it grow is being stolen from us.
I will also be at the AGM to ask ALL the board a lot of questions. |
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